Power of the Mastermind: Part Two

Editor’s note: The following article is a continuation of Part One, published in Insurance Journal’s May 6, 2024, issue in the Minding Your Business section.

What is a mastermind group? A mastermind group is simply an alliance of two or more individuals dedicating themselves to a specific goal. It is a way to get all the knowledge, expertise, and connections the group needs to achieve their goal.

There are two basic types of mastermind groups: One that is focused on the success and vision of one individual, and one that is focused on helping everyone in the group.

The mastermind group created by Andrew Carnegie was solely directed at his personal vision. The 50 men focused on one main goal: the building of a steel empire. The originator of this type group is the driving force behind the goal. He/she gathers together a group of people who have the knowledge, expertise, and connections he or she lacks.

Consider this a personal board of directors. It can be a formal board that meets periodically at one place. Or, it can be informal, where one meets with their advisors individually on the phone or in person to go over issues and ideas. This personal board of advisors could and should include the management team, a CPA, attorney, business consultant, friendly peers, vendors, customers, HR experts and fellow business owners in other industries.

The second type of mastermind group is one where all members of the group meet to support one another in achieving a goal. The people in this kind of group are not totally focused on one person’s project/goal all the time. Instead, the members help each other brainstorm and strategize, and introduce leads or other people and resources that might help a member with their goal.

A mastermind group solves the problem of how to get the expertise, experience, resources, and specialized knowledge one does not have.

To get these resources, guess what? There is a price to pay. The creator of the group needs to make sure that the other members are generously compensated in one way or another. This is usually through the sharing of ideas and supporting each other. Some groups are run by a paid facilitator that can also offer other services.

It is a good idea not to have family and close friends as members of your mastermind group. The dynamics of the relationship will interfere with the openness of the advice and opinion.

The economic and social landscape has shifted radically in the last few years. Business owners need to learn to think differently just to maintain the status quo. With the current trends, things look as if they’re going to get a lot more confusing in the months ahead. A mastermind group is a way to share ideas, opinions and experience to keep a business owner up to date with today’s rapidly changing environment.

Elements of a Mastermind Group

The basic foundation of a great mastermind group starts with a clear and definite purpose. For the second kind of group, where people with different goals come together to help each other, the purpose is that when one person is discussing their goal, everyone else must be focused in that moment on helping that person get what they want, to the best of their ability.

The second crucial element in a mastermind group is harmony. There must be a complete meeting of the minds, without reservation on the part of any member.

For a successful alliance, each member subordinates his or her personal needs to the needs of the overall outcome or goal. If at any time the harmony of the group is damaged, it must immediately do something to restore it, including eliminating a member, if that becomes necessary. Never try to operate a mastermind alliance that includes negative people. A general positive attitude is required.

Other key elements to a successful mastermind group include:

• Establish guidelines for how the group is to operate.
• Create an agenda for each meeting prior to the meeting.
• Start out sharing a success or breakthrough.
• Everyone must participate in some way at each meeting.
• Commitment to the group and each other.
• Maintain a balance of attention and sharing by each member.
• There should not be any direct competitors in the group.
• Members should have similar success and experience levels.
• Members should also have a diversity of skills and abilities.

A mastermind is about moving one forward and helping one achieve a dream or a goal. The group is an effective way to share resources, skills and experience, so that the goal can be achieved much faster than if one operated on their own.